Indonesia-Singapore QR Code Payment Linkage System to Operate in 2023, BI Targets

TEMPO.CO, Jakarta - The cross-border QR code payment linkage system between Indonesia and Singapore is targeted to be fully connected in the second half of 2023, Head of Bank Indonesia’s (BI) Payment System Policy Department Filianingsih Hendarta has reported.

With the integrated payment systems of the two countries, the people of Indonesia and Singapore can use their respective digital payment systems when doing transactions, especially those based on cross-border QR codes.

“We initiate this first with Singapore, then we will develop it, [conduct] a pilot project, and implement it. Hopefully, we will launch it in the second half of 2023,” said Hendarta at a media briefing on Tuesday, August 30, 2022.

On Monday, BI and the Monetary Authority of Singapore (MAS) agreed to initiate cooperation on cross-border Quick Response or QR code-based payment linkage between Indonesia and Singapore as part of the ASEAN-wide payments connectivity effort.

It especially aims at facilitating users in doing retail payments instantly, safely, and efficiently by scanning the QR code of each country.

“It’s Instant, safe, and efficient just by scanning QRIS (Quick Response Code Indonesian Standard) or QR NETS [belonging to Singapore] displayed by merchants,” said Head of BI Communication Department Erwin Haryono.

This QR code payment connectivity will empower individuals and businesses, particularly micro, small, and medium enterprises or MSMEs to efficiently conduct cross-border trade, e-commerce, and other financial activities. This will also support the growth of the tourism sector.

ARRIJAL RACHMAN

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